Barclays Names Posternack M&A Chief; Warham Leaving BankJulia Verlaine
Barclays Plc, the U.K.’s second-largest lender, named Gary Posternack global head of mergers and acquisitions, said a person briefed on the matter.
Mark Warham, 52, head of European M&A, will leave the firm and be replaced by Matthew Ponsonby, said the person, who asked not to be identified because the moves haven’t been made public. Ponsonby, 49, had previously been co-head of European M&A until 2013, when he was named chief operating officer for banking, a role he will continue to hold, the person said.
Posternack, 47, had previously been head of Americas M&A. He joined Lehman Brothers Holdings Inc. in 1995, before Barclays bought the investment bank’s North American operation out of bankruptcy in 2008. He is also a former natural-resources mergers chief.
Reid Marsh will relocate to Hong Kong from London to become co-head of investment banking for the Asia-Pacific region, the person said. Barclays plans to appoint another employee from within the region to be his fellow co-head, the person said.
The changes come after Barclays lost a string of bankers this year, including its investment-banking chairman, Ros Stephenson, who is joining UBS AG. Hugh “Skip” McGee, one of the most senior dealmakers to join Barclays when it acquired Lehman’s North American operation, also stepped down.
Barclays Chief Executive Officer Antony Jenkins is under pressure to increase profit and overhaul the investment bank, the biggest source of income for the firm, after falling behind on targets.
Aurelie Leonard, a spokeswoman for the London-based bank, declined to comment on the moves.